Fueling Your Business: Tips for Increasing Profitability and Developing Processes [RR 844]
Recorded Live at the Vision 2023. As a business owner, it’s important to constantly seek ways to improve and grow your business. In this episode, Cecil and Kent Bullard discuss the importance of implementing effective processes, raising labor rates, and seeking help from coaches to improve business performance. They also share their experience with organizing their 2023 Institute Summit including the value of having vendors present at the event and the value of networking in the industry. So, what are you waiting for? Tune in now and take your business to the next level!
As always, thanks for listening, and don’t forget to subscribe to our podcast for more great content.
“Networking is not about just connecting people. It’s about connecting people with people, people with ideas, and people with opportunities.” – Michele Jennae
Kent Bullard, COO, The Institute. Listen to Kent’s other episodes HERE.
Cecil Bullard, President of the Institute for Automotive Business Excellence. Listen to Cecil’s previous episodes HERE.
Show Notes
- Watch Full Video HERE
- (00:01:11) Recap of the Institute’s Summit in St. Petersburg
- (00:07:03) Speed Dating with Vendors at the Summit
- (00:10:33) Networking and Giving Back: The importance of networking and giving back to the industry.
- (00:11:55) Raise Your Labor Rate: The undervaluation of the industry and the need to raise labor rates is discussed, with a suggestion to raise rates by $10 and inform other shops in the area.
- (00:18:24) Importance of Exceptional Customer Service
- (00:22:27) Coaching methodologies and assessments
- (00:26:31) Developing Processes: The importance of identifying and documenting processes in a business, and how to start creating processes.
- (00:28:01) Writing Processes: The process of writing processes, including starting with workflow, identifying lost build hours, and breaking down processes into smaller, manageable steps.
- (00:31:29) Implementing Processes: The importance of training employees on processes, and how to ensure that processes are being followed correctly. They also emphasize the need for ongoing review and revision of processes.
- (00:36:25) Selling a Business: The process of selling a business and the importance of having systems and processes in place to make it a sellable business. It is recommended to plan for a period of five to seven years to get the business in shape for sale.
- (00:37:31) Factors Considered by Buyers: The factors that buyers consider when purchasing a business, including cash flow, property ownership, and profitability over a period of three years. It is important to have consistent growth and profitability over this period to make the business attractive to buyers.
- (00:39:05) Myths about Coaching: two myths about coaching: that you can’t raise your labor rate and that you can’t afford a coach.
- (00:42:09) Improving Net Profit: Ways to improve net profit, including raising labor rates, improving inspections, and working on sales skills.
- (00:45:07) Benefits of Business Coaching: The benefits of working with a business coach, including building wealth and making minor changes that can compound over time.
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About the author, Carm Capriotto, AAP
Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of experience in the aftermarket to bring engaging stories from his guests.
Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices, and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.
As host of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.
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